Ownership costs are the costs to purchase and operate a vehicle over a period of time. Understanding these costs may enable you to save money and help you make a wiser decision when choosing your next new car.

Regardless of the “value” claims that you may read in car reviews or hear in advertisements, the economic value of a car is based on how much it will cost to own and operate compared to its purchase price. In a sense, purchase price is “what you pay” and the ownership costs are “what you get.”

Ownership costs can differ greatly. The cost to own and operate two different vehicles with equal purchase prices can differ by thousands. Of course when evaluating ownership cost for used cars and trucks, a vehicle's condition and mileage will greatly impact ownership costs, therefore it's important to compare similar vehicles in similar condition for an accurate picture.

Basic Warranty: The basic warranty covers everything except items that are subject to wear and tear or replacement in the ordinary course of vehicle ownership, such as oil and air filters, wiper blades and brake pads. Tires and batteries are often excluded, but usually have their own warranty provided by the manufacturers of those items. Emissions equipment is required by Federal law to be covered for five years or 50,000 miles.

Drive Train Warranty: In some cases the drive train warranty continues after the basic warranty has expired. This part of the warranty covers most of the parts that make the vehicle move, including the engine, transmission, drive axles and driveshaft. Like the basic warranty, consumable parts such as hoses and belts are not covered. However, most of the internal parts of the engine, such as the pistons and bearings, which are also subject to wear and tear, are covered by the drive train warranty.

Roadside Assistance: Many manufacturers provide a service that will rescue you if your car leaves you stranded, even if it's your fault. Lock yourself our of your car? Run out of gas? Got a flat tire? A call to the manufacturer's toll-free number will result in somebody showing up who can help you out. There is a huge variance in these programs so check ahead of time to see what is covered and what you will have to pay for.

Rust or Corrosion Warranty: Rust or Corrosion Warranty: This warranty covers the vehicle's sheet metal, and protects you from rust and corrosion that are severe enough to cause a hole - surface rust is not covered. However, if you keep your car washed and waxed rust shouldn't be a problem.

Mitsubishi Motors North America, Inc. (MMNA) is recalling certain model year 2000-2005 Eclipse vehicles manufactured April 5, 1999, to December 17, 2004, 2001-2005 Eclipse Spyder vehicles manufactured January 19, 2000, to March 18, 2005, 2001-2005 Chrysler Sebring vehicles manufactured April 17, 2000, to February 21, 2005, and 2001-2005 Dodge Stratus vehicles manufactured April 17, 2000, to February 22, 2005. In the affected vehicles, the passenger side sun visor may be folded down in such a position that, if the passenger frontal air bag deploys, the passenger side sun visor may detach.

Consequences:

If the passenger side sun visor detaches and is propelled rearward, there is an increased risk of occupant injury.

Remedy:

MMNA will notify their owners, and Chrysler will notify the Chrysler and Dodge owners. Dealers will install a tether strap to retain the passenger sun visor, free of charge. The recall began on July 20, 2015. Owners may contact MMNA customer service at 1-888-648-7820. MMNA's number for this recall is SR-15-005. Chrysler and Dodge owners may contact Chrysler customer service at 1-800-853-1403. Chrysler's number for this recall is R30.

CERTAIN PASSENGER VEHICLES FAIL TO CONFORM TO THE REQUIREMENTS OF FEDERAL MOTOR VEHICLE SAFETY STANDARD NO. 208, 'OCCUPANT CRASH PROTECTION.' THE BILINGUAL ENGLISH/SPANISH REMOVABLE AIR BAG WARNING LABELS AFFIXED TO THE DASH AND TO THE SUNVISOR DO NOT MEET THE SIZE REQUIREMENTS OF THE STANDARD.

Consequences:

THIS DOES NOT MEET THE REQUIREMENTS OF THE STANDARD.

Remedy:

MITSUBISHI CARIBBEAN WILL MAIL A CUSTOMER NOTIFICATION LETTER CONTAINING A WRITTEN DESCRIPTION AND A GRAPHIC OF THE BI-LINGUAL DASHBOARD AIR BAG WARNING LABEL. IN ADDITION, ALL CURRENT 2000-2004 NATIVA OWNERS WILL ALSO RECEIVE REPLACEMENT AIR BAG ALERT LABELS FOR THE SUN VISORS. THIS RECALL IS EXPECTED TO BEGIN DURING MARCH OR APRIL 2005. THE NOTIFICATION TO THE NATIVA OWNERS IS EXPECTED TO BEGIN DURING APRIL OR MAY 2005. OWNERS SHOULD CONTACT MITSUBISHI CARIBBEAN AT 1-787-251-8715.

ON CERTAIN PASSENGER VEHICLES, THE FUEL RETURN LINE HOSE FITTING ON THE ELECTRIC FUEL PUMP MAY BE RESTRICTED, CAUSING EXCESSIVE FUEL PRESSURE TO BUILD UP IN THE FUEL INJECTION SYSTEM. EXCESSIVE FUEL PRESSURE MAY RESULT IN A LEAK IN THE FUEL RETURN HOSE.

Consequences:

FUEL LEAKAGE IN THE PRESENCE OF AN IGNITION SOURCE COULD RESULT IN A FIRE.

Remedy:

DEALERS WILL INSPECT THE FUEL PUMP PRESSURE. THOSE VEHICLES EXHIBITING HIGHER THAN NORMAL FUEL PUMP PRESSURE WILL RECEIVE FUEL PUMP MODIFICATIONS. THE RECALL BEGAN DECEMBER 3, 2003. OWNERS SHOULD CONTACT MITSUBISHI AT 1-800-222-0037 OR MITSUBISHI CARIBBEAN AT 1-800-981-0452.